Hospitality Investors Trust Was One of the REITs Marketed
Cetera Advisors Network broker Jeffrey Gerard Meyers, an Overland Park, Kansas financial advisor, is named in two pending customer disputes.
The claimants are accusing him of making unsuitable investment recommendations involving non-liquid real estate investment trusts (REIT). One of the products was Hospitality Investors Trust (HIT REIT), which declared bankruptcy after the COVID-19 pandemic began.
Our REIT fraud attorneys are offering free case assessments to customers of Cetera Advisors stockbroker and investment advisor, Jeffrey Meyers. He also currently appears to be a registered investment advisor with Summit Financial Group. Contact SSEK Law Firm at (800) 259-9010 today.
Jeffrey Meyers Accused of Unsuitability, Misrepresentation and More
Disclosures on Jeffrey Meyers’ BrokerCheck record date back to his time as a QA3 Financial Corp financial representative. Most of these investor claims allege that the broker acted negligently when managing their investment portfolios.
- July 2021: The client alleges that Hospitality Investors Trust (HIT) was unsuitably sold to them. This publicly registered non-traded REIT, formerly called American Realty Capital Hospitality Trust, was marketed to thousands of investors. Originally sold for $25/share, HIT investors may have suffered losses of up 95%. Hospitality Investors Trust filed for bankruptcy in May 2021.
- October 2020: This claimant alleged unsuitable investment recommendations involving non-liquid REITs.
- January 2012: Meyers filed for bankruptcy, which he states that this has been fully discharged.
- December 2010: This investor claim alleging misrepresentation was settled due to no action. The customer had requested $100K in damages.
- November 2010: Alleging negligence, misrepresentation, breach of fiduciary duty, and breach of contract, this $75K customer dispute was also closed due to no action.
- September 2010: This customer contended that she was improperly sold private placements in Provident Shale Royalties and Black Diamond. She was seeking $200K in damages but the case was closed due to lack of action.
- June 2003: A $60K settlement was reached with this claimant, who alleged unsuitability, fraud, misrepresentation, negligent misrepresentation, breach of contract, breach of fiduciary duty, rescission, and other contentions.
During his 19 years in the industry, Jeffrey Meyers has been registered with several other firms, including JP Turner & Co. Capital Management, QA3 Financial Corp., National Planning Corporation, OneAmerica Securities, Park Avenue Securities, Guardian Investor Services, Franklin Financial Services, and Century Investors of America.
Skilled Non-Traded REIT Lawyers
Investing in non-traded REITs can be a risky investment choice. This is especially true if your portfolio is in the hands of the wrong broker. As these investments are often illiquid they are not suitable for every type of investor. Therefore, you must make sure that your broker is acting in your best interests.
SSEK Law Firm represents investors who have suffered losses in non-traded REITs. We have recovered many millions of dollars for our clients. If you believe that a Cetera Advisors broker unsuitably recommended REITs that led to losses, contact us at SSEK Law Firm today.